THE JOCKEY Club raised £24.7m in a sale of bonds yesterday, with individual buyers spending between £2,000 and £100,000, a new development for the British sporting establishment.
The bonds will yield a return of 7.75 per cent if held to maturity, most of which will be paid to investors as cash. A smaller proportion will be returned as in-house credit that can be used only with the company,
The redevelopment planned for Cheltenham racecourse, which is yet to gain planning permission, will be funded by the substantial new source of funds.
The sale was lauded by the Jockey Club as the first purchase of retail bonds in British sport. The group had hoped to raise only £15m, ultimately outstripping their prediction by £10m and extending the deadline for sales by eleven days to cope with demand.